Chicago Board of Trade soyabean futures ended lower on Thursday on weak CIF Gulf soya bids, commercial selling and speculative sales after the November contract rose to a 1-1/2-week top, brokers said.
Soyabean futures ended down 4-1/2 cents to unchanged, with November down 4-1/2 cents at $5.28 per bushel, after hitting a high at $5.37-1/4. January closed down 3-3/4 cents at $5.31. Commodity funds were light net sellers, after buying 1,500 lots.
Commercials were also net sellers. Soyabean losses were limited by strong weekly US export sales, ongoing support from option traders before on Friday's last trading day for November soya options and commodity fund rolling of a large net short position in November before its first notice day on October 29, brokers said.
The US Department of Agriculture reported US soyabean export sales for the week ended October 24 totalled 987,800 tonnes, matching traders' estimates. China, the top US soyabean customer, bought 298,600 tonnes.
US soyabean export business was quiet overnight, but traders hoped near-record weakness in the US dollar would boost US soyabean export sales. Soyameal futures settled up 70 cents per ton to down 30 cents, with December up 10 cents at $158.50, following losses in soyabean futures, brokers said.
Commodity funds and commercials were net sellers. Strong weekly export sales of 230,500 tonnes and firm cash soyameal basis offers limited losses, they added. Soyaoil futures settled down 0.07 cent to 0.23 cent per lb., with December down 0.23 cent at 20.40 cents on disappointing weekly US soyaoil export sales of 8,200 tonnes and a weak close in Malaysian palm oil futures, brokers said. The CBOT November/December crush margin ended up 2.19 cents at 45.10 cents.
Options volume was seen at 19,316 lots. Estimated soyameal futures volume was 24,277 contracts, compared with Wednesday's trade of 25,764 lots. Soyameal options volume was estimated at 3,297 contracts.
Soyaoil volume was estimated at 15,853 lots, compared with Wednesday's trade of 22,860 contracts. Options volume was 624 lots.